What Small Businesses Should Do in Preparedness for COVID-19 | Don Thomas CPA
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What Small Businesses Should Do in Preparedness for COVID-19?

small business bookkeeping

Businesses across the U.S. have been thrown for a loop with the recent Corona virus Outbreak. When it all first began, we had no idea what challenges companies would face. However, as fast as things have changed, new resources have been put into place just as quickly.

Here are the tops things a small business should do in light of the daily changing effects of the Corona virus Outbreak

1. Stay current with new acts, policies, and resources

Right now, business owners need to become educated about the resources and policies that are in place for COVID-19. Here are a few that you should get more information about:

  • CARES Act The Corona virus Aid, Relief, and Economic Security (CARES) Act was passed to outline provisions made to small businesses during this time.
  • Emergency Loans beginning April 3, 2020, small businesses and sole props can apply for the Paycheck Protection Program (PPP) that will help them pay their staff. As long as criteria are met, part of this loan will be forgiven.
  • Unemployment The qualifications for unemployment have been completely changed in light of COVID-19. Depending on your business, you may be able to apply for unemployment during this unprecedented time.

Before you apply for loans, unemployment, or other government-funded programs, you should speak to your certified public accountant. They can give you insight into what’s best for your business at this time. Applying for unemployment could keep you from qualifying for loans or other programs. Becoming educated on the current resources before you start applying is best.

2. Gain support from your customer base

Now is the time to reach out to your customer base for financial support. There are many businesses that are offering incentives to purchase services or products in advance with the understanding that as soon as restrictions are lifted, orders will be fulfilled. Offering coupons or discounts for paying for the services in advance is another incentive to get your customer base to support you.

3. Find ways to offer remote services

Companies are getting creative with their offerings to clients and customers. You may find that making these offerings can expand your reach and customer base in ways you have never tapped into. This global pandemic can be the start of great things for your company.

4. Invest in small business bookkeeping

If you’ve been putting off hiring a bookkeeper for your company, now is the time to invest in one. They will give you the information you need about your numbers during this crisis. It’s more important than ever that you have a solid understanding of your accounting.

The situation small companies are facing can serve as a good wake-up call of areas that they are.